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— Arguing that he needs more time to fix the nation's sluggish economy, President Barack Obama formally accepted his party's nomination for a second term Thursday while stressing that voters will face a stark choice in November that could affect their lives for decades to come.

The Democratic incumbent laid out a series of goals for the economy — most of them familiar — and repeatedly said his policies would take middle-class families down a vastly different path than those of his Republican challenger, Mitt Romney.

"The truth is, it will take more than a few years for us to solve challenges that have built up over decades," Obama said. "It will require common...

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